Wealthion, Released on 8/29/23
For Part 2 of this interview, CLICK HERE
America’ is currently running an annual deficit at 9% of GDP. That’s an extremely high percentage historically and we’ve practically never run a deficit this high with unemployment this low. We’re essentially running a wartime deficit in a peacetime economy. And a big part of this deficit is the ballooning interest cost we’re paying on servicing our national debt — as interest rates have spiked from near 0% at the start of last year to over 5.25% today. And it doesn’t help that tax receipts are falling vs last year. As a country, we are bringing in less income and spending more on debt interest. Today’s guest, Luke Gromen, has been loudly warning that this dynamic is resulting in a sovereign debt crisis — not just in the US, but in many other major nations around the world who are in the same boat. What could such a crisis mean? And where are we in its timeline?
Luke Gromen is a graduate of the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003. Luke provides strategic consulting services for corporate executives and is the founder of The Forest For The Trees, LLC, a macro/thematic research firm catering to institutions and individuals.
Adam Taggart is the Founder of Wealthion. He is also Co-Founder and former President of Peak Prosperity. Adam is an experienced Silicon Valley internet executive and Stanford MBA. Prior to partnering with Chris Martenson (Adam was General Manager of our earlier site, ChrisMartenson.com), he was a Vice President at Yahoo!, a company he served for nine years. Before that, he did the ‘startup thing’ (mySimon.com, sold to CNET in 2001). As a fresh-faced graduate from Brown University in the early 1990s, Adam got a first-hand look at all that was broken with Wall Street as an investment banking analyst for Merrill Lynch. Most importantly, he’s a devoted husband and dad.